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According to a new market research report “Global Wind Turbine Composite Materials Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Type (Fiber, Resin, Others) by Application (Wind Blade, Nacelle, Others)” published by P&S Market Research, the global wind turbine composite materials market was valued at $3,970.4 million in 2015, and it is expected to grow at a CAGR of 7.8% during 2016 - 2022.

According to the study, the global wind turbine composite materials market was valued around $4.0 billion and is likely to grow at a CAGR of 7.8% during 2016 - 2022. Increased government support for wind power projects, and stringent environmental regulations, and several benefits of composite materials over conventional materials have been driving the growth of the global wind turbine composite materials market. The market is further expected to gain revenue due to technological advancements. Massive unexplored Latin America, Middle East and Africa wind turbine composite materials market create ample opportunities for the global wind turbine composite materials market vendors.

As per the findings of research, the fiber composite materials for wind turbine segment held the largest share in the global market in 2015. Among the different types of fiber composites, the glass fiber held the largest share in 2015, and it is also expected to retain its dominance during 2016 – 2022. The carbon fiber segment is expected to grow significantly during forecast period as it is gaining immense popularity for the manufacturing of wind turbine blades, owing to their high strength and low-weight. Among the various applications of wind turbine composite materials, the consumption of composite materials was largest for wind blades in 2015.

Asia-Pacific stands as the largest consumer of wind turbine composite materials market

Geographically, Asia-Pacific was the largest market for wind turbine composite materials in terms of volume. The cumulative wind power capacity in Asia-Pacific was 100.8 GW in 2012, which increased to 146.4 GW in 2014. The increase in wind power capacity illustrates increase in demand for wind turbine composite materials in the region. China held the largest share in the Asia-Pacific as well as global wind turbine composite materials market in 2015, in terms of volume as well as value. The total wind power capacity installed in China was 75.3 GW in 2012, which increased to 114.6 GW in 2014. The wind turbine composite materials market witnessed the highest growth in Middle East and Africa during 2012 – 2015, owing to the significant increase in the wind power capacity in the region. The Middle East and African wind power capacity was 1.1 GW in 2012, which increased to 2.5 GW in 2014.

Increasing need for energy independence and geopolitical energy security to have high impact on the wind turbine composite materials market

Energy independence is a long-term vision of several countries, such as the U.S., Canada, Brazil, Mexico, and different economies of European Union (EU) and Asia. The different countries across the world are trying to free themselves from dependence on foreign oil. Several initiatives are being taken to reduce the foreign oil import. The EU has set target in Renewable Energy Directive (RED) to fulfil at least 20% of its total energy needs with renewables, by 2020. The RED establishes an overall policy for the production and promotion of energy from renewable sources in the EU.

Similarly, different governments across the globe are looking for alternative source of energy to reduce their dependency on conventional energy sources. Wind energy is one of the most efficient alternatives for conventional fossil fuel based energy, as it is produced locally in the country. The different governments across the globe are taking initiatives to replace at least part of their conventional energy with wind energy. This helps these countries to utilize their money for the economic growth and national security. Therefore, a high growth in the wind energy industry is expected to support the growth in demand for wind turbine composite materials during the forecast period.

Key players in the market are collaborating to offer better services

Key companies in the wind turbine composite materials market are collaborating to offer better services in the global market. In April 2016, Gurit and Barracuda Advanced Composites teamed up to serve the Brazilian market with wind blade mould technology and services.